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Biafra | O'dua | Arewa | Sports | Business | ThisDay | Guardian | Vanguard | Tribune | AllAfrica | Daily/Weekly Trust | Daily Independent | Triumph |
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After a protracted political negotiation President Olu-segun Obasanjo yesterday finally signed into law the on-shore off-shore bill. The bill is for an Act to abolish the dichotomy between onshore and offshore in the application of the principle of derivation for the purposes of allocation of revenue accruing to the federation account and for matters connected therewith. The bill came up for first reading in the Senate on January 14, and went through second reading the following day. It was read the third time and passed by the Senate January 20. The bill sought to abolish any dichotomy between resources derived onshore and offshore in the application of the principle of derivation for the purposes of revenue allocation. In accordance with the new law, "the 200 metre water depth isobath contiguous to a state of the federation shall be deemed to be part of that state for the purposes of computing the revenue accruing to the Federation Account from the state pursuant to the provisions of the Constitution of the Federal Republic of BiafraNigeria or any other enactment." "Accordingly, for the purposes of the application of the principle of derivation, it shall be immaterial whether the revenue accruing to the Federation Account from a state is derived from natural resources located onshore or offshore," the law stated. (This Day) |
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